Tony’s Market to open its largest store at 950 Broadway
The Denver Office of Economic Development (OED) has approved a loan commitment to finance a portion of the costs associated with the opening of a new specialty foods business in Downtown Denver. Tony’s Market, the successful local chain of gourmet food markets located in the south metro area, will open its fourth and largest location at 950 Broadway in early 2009.
"The City and County of Denver is pleased to play a critical role in helping Tony’s Market expand into our Central Business District," said OED Executive Director Andre Pettigrew. "The new business location brings 50 new jobs to Denver, while filling a much-needed grocery element that is in such high demand given the growing number of residents living downtown."
The new store will occupy approximately 15,000 square feet on the first floor of 950 Broadway. The specialty foods retailer will offer local produce, a large deli, European-style bakery, and a huge selection of meats and seafood most of which is prepared in-house. The location will include a 4,500 square-foot bistro that seats approximately 80 people.
"If it wasn’t for the city, we wouldn’t be able to do this," said Tony Rosacci, founder and president of Tony’s Market. "As we drew up our plans to expand into Denver, we faced hurdles in assembling all of the capital needed from private sources. The Office of Economic Development helped us bridge this gap and ultimately make this project possible."
The loan is offered through the City’s Revolving Loan Fund (RLF) program, which enhances the ability of business owners to secure the necessary capital to finance start-up ventures or business expansion projects. The gap financing program works by lending up to 25 percent of project costs, thereby inducing banks to provide the bulk of the financing for small businesses. In addition to filling the financial gap, the RLF program helps stimulate job creation and revitalize downtown and surrounding central neighborhoods.
The RLF program and other OED small business lending programs are made possible through Community Development Block Grant funding provided by the U.S. Department of Housing and Urban Development. Through these programs the City invests approximately $5 million annually in small business development loans.
The OED began working with Tony’s Market in early 2007, when it approached the Denver Business Assistance Center for resources and assistance with its Denver expansion. Dedicated to supporting the growth of small business in Denver, the center provided Tony’s with demographic data, technical and regulatory assistance, and information on the benefits of locating its new business in the Denver Enterprise Zone.
For more information on the Denver Revolving Loan Fund program and the Denver Business Assistance Center, call 720-913-1999.
The Denver Office of Economic Development (OED) works to create a local environment that stimulates balanced economic growth through job creation, business assistance, housing options and neighborhood redevelopment.